AI in Healthcare Market to Register a CAGR of 21.56% until 2027
Growing need to reduce healthcare costs AI technologies is driving the growth
in global AI in Healthcare market in the forecast period.
According to TechSci report on, “AI in Healthcare Market - Global Industry Size, Share,
Trends, Competition, Opportunities and Forecast, 2017-2027”, the Global AI in healthcare market stood
at USD 8231.36 Million in 2021 and is expected to grow at a CAGR of 21.56%
during the forecast period because of the growing need to reduce healthcare
costs using it & AI technologies. AI can save massive healthcare spending
while also delivering patient-centric care and devotion. Artificial
intelligence (AI) is booming in the medical profession. It also lowers drug
research and drug discovery expenses. Furthermore,
end-users are being pushed to deliver solutions faster as AI advances. AI can
assist in areas such as clinical activity, screening, diagnosis, and medical imaging, to name a few.
Automation and AI adoption
reduce the workloads of humans. The adoption of AI technology can create a
plethora of new roles and possibilities. Still, the lack of a competent
workforce is a barrier to the industry. There is a lack of standardized
regulations and guidelines for medical device manufacturers to obtain
approval for AI implementations. Healthcare workers and doctors are reluctant
to use AI-based solutions to treat patients because they believe that AI will
replace them in the future. The growing consumer use of digital health
technologies has compelled healthcare professionals to do the same, and
doctors' preconceptions about them could be a barrier.
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in-depth TOC on " Global AI in Healthcare Market"
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The global AI in healthcare
market segmentation is based on offering, technology, application, end-user,
competitional landscape, and regional distribution. Based on offering, the
market is further divided between software and hardware. The increasing rate at
which AI-based software solutions are being adopted by healthcare providers and
patients is driving the growth of software segment. In September 2019, for
example, GE Healthcare partnered with five Chinese local software developers,
including 12Sigma technologies, Biomind, Shukun technology, Yizhun Medial AI,
and YITU technology, to collaborate on developing the Edison AI platform and
supporting GE Healthcare's smooth digital transformation. The software solutions
segment, on the other hand, is expected to be profitable over the projected
period. The increased penetration of AI-based technologies in numerous
healthcare applications, such as cybersecurity, clinical trials, virtual assistants, robot-assisted surgeries, telemedicine, dose error reduction,
and fraud detection. Furthermore, the expanding number of strategic activities
made by major companies, such as alliances and seed investments, are
contributing to the growth potential.
Based on technology the
market is further divided into machine learning, computer vision, natural language
processing, context-aware computing. Machine learning has been one of the focus
areas of AI research and investment over the past ten years in artificial
intelligence. The medical imaging segment of healthcare offers many
opportunities for machine and deep learning applications. A huge number of
medical images can be used for computer vision models, which can then be
matched with validated patient diagnoses. These devices can therefore assist
clinicians in processing a greater number of patient cases while reducing
diagnostic errors.
Some of the major companies
operating in the global AI in healthcare market include:
- Alphabet Inc.
- Microsoft Corporation
- Intel Corporation
- NVDIA Corporation
- Medtronic Plc
- Koninklijke Philips NV
- Siemens Healthineers AG
- General Electric Company
- Micron Technology, Inc.
- Amazon Web Services Inc
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“Based on region, the North American
region is estimated to hold the greatest share of 40.77% in the forecast period.
The expansion of AI in the healthcare market is being fueled by its
well-established healthcare infrastructure and supporting government laws for
product type commercialization. Moreover, increasing adoption of AI technology
across the continuum of care, particularly in the United States, and high
healthcare spending combined with the onset of the COVID-19 pandemic, which has
accelerated the adoption of AI in hospitals and clinics across the region.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
AI in
Healthcare Market- Global
Industry Size, Share, Trends, Competition, Opportunities and Forecast,
2017-2027 By Offering (Software v/s Hardware) By Technology
(Machine Learning, Computer Vision, Natural Language Processing, Context-Aware
Computing By Application (Medical Imaging & Diagnostics, Robotic Surgeries,
Drug Discovery, Inpatient Care & Hospital Management, Patient Data &
Risk Analysis, Others) By End User (Healthcare Providers, Pharmaceutical &
Biotechnology Companies, Patients, Others) By Region, Competition Forecast
& Opportunities”, has evaluated the future growth potential of global AI in healthcare
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global AI in healthcare market.
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